Visa (V) is set to partner with social media platform X as the first financial serv🔯i🤪ces platform for its "X Money" feature, which will launch sometime this year.

The payment processing giant will facilitate the transfer of money from debit cards and bank accounts to "X Money" accounts, and help the company establish a platform where users can pay each other on X, per X posts from the platform's CEO and Visa on Tuesday.

The social media company's CEO Linda Yaccarino said in a Tuesday post on X that the accounts will start to become available later this year, and said it was the "first of many" announcements about X Money in 2025.

In its own post, Visa said it was "excited" to partner with X, which used to be known as Twitter, and said that "Visa Direct will make it possible for US X Money Account users to fund and transfer money in real-time with their debit card."

An X subsidiary focused on payments has received licensing to act as a "money transmitter" in 41 states, Bloomberg reported on Tuesday.

Tesla (TSLA) CEO Elon Musk, who 澳洲幸运5官方开奖结果体彩网:bought Twitter in 2022, has 澳洲幸运5官方开奖结果体彩网:previously stated his hope to turn the platform into an "everything app," where featurไes like shopping and payments are added to the company's traditional soci🌞al media product.

Adding the potential revenue stream of payment processing could also help protect X from future reductions in ad spending, which has 澳洲幸运5官方开奖结果体彩网:fallen s💯harply under Musk's ownership. The Wall Street Journal reported over the weekend that Musk recently told employees that X's "user growth is stagnant, revenue is unimpressive, and we’re barely breaking even."